It is unlawful for a person to offer or sell a security in this state unless:
(1) The security is a federal covered security;
(2) the security, transaction, or offer is exempted from registration under K.S.A. 17-12a201 through 17-12a203, and amendments thereto; or
(3) the security is registered under this act.
L. 2004, ch. 154, § 11; 7/1/2005.